Hermes CEO: Industry 'constantly searching' for next Woodford

Fund manager skill rare

Saker Nusseibeh, CEO of Hermes Investment Management, has said true fund manager skill is rare and warned there is not enough for every client.

Speaking as part of a panel debate in front of an audience of advisers and fund buyers at the Morningstar Investment Conference 2016, Nusseibeh (pictured) said asset management is a "simple business but not an easy business". He added: "The industry has a conundrum; there is skill but true skill is very rare. The industry tries to pretend there is a huge amount of skill going to everybody but there is not enough to go around for all clients. "It is constantly searching for the next person with skill - the next Woodford - either by hiring expensive people or creating more complex probl...